|Re: So what does it cost?||<– Date –> <– Thread –>|
|From: Becky Weaver (beckyweaverswbell.net)|
|Date: Thu, 19 Oct 2006 12:46:03 -0700 (PDT)|
An easy, fun way to figure out your usual local building cost is to go to open houses & tour different new-construction building types. Look at what you get for the price. This is very likely going to be your total development cost for something similar. If you see something you really like, find out who developed it, take them to lunch, rave about their work, and see if they'd be interested in doing something similar for you. Mention how many buyers you already have in your group. Assume the developer needs to make money on anything they do for you. It may look like a lot of money to you. Remember that's their salary (and maybe their employees') for well over a year of full-time professional work, and that if something happens and the project tanks, they will not have gotten paid at all. Things you may consider extra unwanted costs (fancy finish-out, huge square footage) are often cheap for the builders and make buyers feel like they're getting a nice place for their money. That is why they are ubiquitous. Eschew them if you find them excessive, but don't expect to save a ton of money that way. You will definitely save money by cutting back total square footage and going with an inexpensive finish. But a house that's 50% smaller is *not* 50% cheaper. A house in the same neighborhood of the same size with a really cheap-o finish is maybe 2% less expensive than the same house with really nice finish. Compare these variables if possible until you get some idea of what they really cost. They may make a real difference to your community members. I am certainly not advocating for a "do everything top quality because it will cost nearly the same in the end" approach. Remember that any extra costs you finance into your mortage (as opposed to paying cash for) cost much more than the number on the page, once you include interest payments. Constant cheeseparing does make a *real* difference in your final cost. Just be realistic about whether you can really cut your costs compared to the new construction you see. It's not likely that you can make an appreciable difference by cutting a few "luxury" items. If "shopping" for new homes is not an option (little new construction in your area) ask a local architect or builder. They will, however, likely not know what development (financing, site work, project management, fees, permits etc.) will cost. To find out about fees, contact your municipality, county, state, utilities, department of transportation, department of environmental protection, and everybody else you can think of. You may have to do this for each site you're considering since they will be different. Then add on 30% extra for fees you didn't think of. If you are not working with an experienced local developer, expect to do a lot of legwork to figure out your expected costs. Becky Weaver Kaleidoscope Village/Central Austin Cohousing Austin, TX Sharilyn Rediess <sredies1 [at] rochester.rr.com> wrote: "Do you have a sense of what $180/s.f. construction cost will get you in your region?" Related to this thread, how can you find out what the usual building cost per s.f. is in a particular area? Where can I find that info? And how can you know what the figure with get you (as the question above asks)? I would think that number might vary also with the type of structure (single family home versus condo unit, etc). I also assume that the figure would include only actual building costs and not fees, permits, site clean up, correct? Thanks, Shari Rediess Rochester, NY ___________________________________ A man becomes his attentions. His observations and curiosity, they make and remake him. --William Least Heat Moon
- Re: So what does it cost? Philip Proefrock, October 19 2006
Re: So what does it cost? Rob Sandelin, October 19 2006
- Re: So what does it cost? Sharilyn Rediess, October 19 2006
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